NEW YORK, June 8, 2016 /PRNewswire/ -- The study presents historical data (2004, 2009, 2014) plus forecasts (2019, 2024) for supply and demand, as well as demand by appliance type, in six world regions and 25 major countries. The study also assesses market environment factors, evaluates company market share and profiles 31 competitors in the global industry.
It presents historical data (2004, 2009, 2014) plus forecasts (2019, 2024) for supply and demand, as well as demand by appliance type, in six world regions and 25 major countries. The study also assesses market environment factors, evaluates company market share and profiles 31 competitors in the global industry.
Worldwide demand to reach 445 million units in 2019
Worldwide demand for major household appliances is forecast to increase at a 3.0 percent yearly rate through 2019 to 445.0 million units, approximating market gains during the 2009-2014 period, and the number of appliances in use will grow to 4.9 billion units. Steady gains in personal income levels will support appliance sales increases. In addition, global housing construction spending will continue to rise along with the world's population, providing new sales opportunities for appliance suppliers.
India, Indonesia to see most rapid national market gains
China will remain the world's largest purchaser and producer of major house-hold appliances in 2019. The country is home to the world's biggest population and housing industry, resulting in a large domestic market for major appliances. In addition, China has a large low-cost labor pool that many multinational appliance firms have utilized for their production operations. However, India and Indonesia will post the fastest advances in demand of any major national markets.
In general, the developing world will see the fastest increases in major household appliance demand through 2019. The installed base in developing nations is low, as low income levels have prohibited widespread purchases of large durable goods. However, rising income levels will lead to the creation or expansion of the middle class population in a number of countries, boosting first time appliance purchases. Demand gains in the devel oped world will be more modest, with the majority of sales stemming from replacement purchases. In addition, population and household growth will be slower in the developed world countries, limiting new housing-related sales opportunities.
Clothes dryers, dishwashers,freezers to offer best growth
Refrigerators and large cooking appliances are typically the first appliances bought once personal incomes reach a sufficient level, followed by washing machines. Because of the relatively large numbers of these products already in use, market advances through 2019 will not be as strong as those expected for freezers, dishwashers, and clothes dryers. Freezers will register the fastest market gains of any major appliance type through 2019.
Demand for freezers will be boosted in low and middle income countries, where use levels are extremely low, by a growing need for additional freezer space as per capita incomes and food spending rise, coupled with the comparatively low cost of separate freezers. On the other hand, use of separate freezers is becoming less popular in many developed countries, preventing overall demand from growing at an even faster pace. A trend toward consumption of fresh foods reduces the need for a separate freezing appliance.
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